This is an update to my previous USDJPY publications. We are long, after averaging in for 4 days, starting the day of the exact low, with a cost basis of 108.66, holding a 33% account long position. I think we can resume the rally, and get an uptrend of proportions similar to the one that took place after the presidential election in the US.
I'll be looking to add short term entries, applying multiple trend following proprietary strategies that we use to better leverage trends while they last. If you're already in, try to be patient and hold, after we surpass the red resistance zone we have a lot of upside in this pair.
Good luck!
Ivan Labrie.
코멘트
⋅
After today's close, we have a full 75% retracement of the recent VIX spike, meaning the smart money has absorbed the supply and the market is poised to rally. This range from the low to today's high will be a support zone if retested in the future, after we move higher.
코멘트
⋅
Notice how the gap 'skipped' the resistance of the red box and now holds above it...
Nice to see some positivity about this pair! Thanks for the analysis...after reading most people's views that they felt we were heading for the below 100 mark!!
IvanLabrie
⋅
@bsapps, good to hear! That means this trade will probably work. Cheers!
trade2win19
⋅
I have been watching this set up for a while and have been accumulating a long position over the past few days myself. With the risk of the french election I may hedge some of it before the close tomorrow but we will see. Do you typically hedge before very large risk events such as the french election?
IvanLabrie
⋅
@trade2win19, I do at times, or just close. I like options for equities, for fx I would just close and reenter. In this case, I think it's a bit of a non-event, since the election is quite mixed. It doesn't really matter for how the japanese pensions invest their yen, and how foreign investors bring money into the US, I guess.
IvanLabrie
⋅
@trade2win19 that being said, depends on the size you used...mine is on chart, only 33% account (with leverage).
Good luck btw!
trade2win19
⋅
@IvanLabrie, Right, my sentiments exactly. Will have higher likelihood to effect euro and equities.
@yousimon, ah ok. Yes, there is a resistance zone here, but we need to wait and see if it breaks, and then after today's close, see if we stay above today's high to rally.